Another AIG Resort "Junket": Top Execs Caught on Tape

[RamboLiberal]

Source: ABC News

Even as the company was begging the federal government for another $40 billion dollars in loans, AIG sent top executives to a secret gathering at a luxury resort in Phoenix last week.

Reporters for ABC KNXV caught the AIG executives on hidden cameras poolside and leaving the spa at the Pointe Hilton Squaw Peak Resort, despite apparent efforts by the company to disguise its involvement.

"AIG made significant efforts to disguise the conference, making sure there were no AIG logos or signs anywhere on the property," KVNX reported.

A hotel employee told KNXV reporter Josh Bernstein, "We can't even say the word (AIG)".

Read more: http://abcnews.go.com/Blotter/WallStreet/story?id=62239...

---

Take it out of their pay. What a bunch of crooks!

[SoCalNative]

1. And we're giving them another $150 million?

Um..no. No way. No How.

[ChairmanAgnostic]

3. soCal's soNaive. THAT'S B I L L I O N, not million. B I L L I O N in tax dollars

simply because they fucked up on a bet.

Say, If I bet like that, with other people's money in Vegas, will Uncle Sam bail me out, too?

[Sarah Ibarruri]

9. Hmmm.... Maybe not? nt

[babylonsister]

2. And laughing all the way. This is sickening. Why is it being allowed?

I wonder if Waxman knows about this, or Conyers.

[Baby Snooks]

24. Why?

What a question. It is being allowed because too much money passes under that table of Nancy Pelosi's. That's why. But the good citizens of San Francisco returned her to office. Which is why I will never spend a dime in or on San Francisco ever again.

This on top of the news that the Federal Reserve has taken the position that it does not have to disclose the details of $2 trillion in loans. It's the taxpayer's money. But none of the taxpayer's business.

The Bush Boys obviously intend to rip off whatever they can while they can and George W Bush obviously intends on shooting the bird at the American people as he leaves office.

While Nancy Pelosi sits there saying nothing. Perhaps she's too busy counting the money under her table.

[babylonsister]

25. Oh please. I've got problems with Pelosi, but prove it. nt

[ChairmanAgnostic]

32. actually Sis, that's not far from the truth.

Nancy had invested $250,000 in AIG stock before the crisis. The first bailout directly helped her recoup those losses.

[eowyn_of_rohan]

35. awww man. I didn't know this

[Sirveri]

27. Would you oust YOUR rep if they were majority leader?

I seriously doubt that. The ammount of money that a house rep can bring in her position is VERY high. That and who would they vote for? A Republican? The only problem with them not voting her off is that Cindy Sheehan was running as an independant. But then they'd lose having the majority leader in their pocket making deals for them.

[eowyn_of_rohan]

33. Waxman and others are on this! Check this out:

A link in the OP article leads to this article:

After Bailout, AIG Execs Head to California Resort
Rescued by Taxpayers, $440,000 for Retreat Including "Pedicures, Manicures"
ABC news-By BRIAN ROSS and TOM SHINE-October 7, 2008

Less than a week after the federal government committed $85 billion to bail out AIG, executives of the giant AIG insurance company headed for a week-long retreat at a luxury resort and spa, the St. Regis Resort in Monarch Beach, California, Congressional investigators revealed today

"Rooms at this resort can cost over $1,000 a night," Congressman Henry Waxman (D-CA) said this morning as his committee continued its investigation of Wall Street and its CEOs.

AIG documents obtained by Waxman's investigators show the company paid more than $440,000 for the retreat, including nearly $200,000 for rooms, $150,000 for meals and $23,000 in spa charges.

"They're getting their pedicures and their manicures and the American people are paying for that," said Cong. Elijah Cummings (D-MD).

"This unbridled greed," said Cong. Mark Souder (R-IN), "it's an insensitivity to how people are spending our dollars."

[DJ13]

4. "..........in Phoenix last week"

Hmm, who else was in Phoenix last week?

I cant remember his name.....

[ben_meyers]

6. Is it any wonder that McCain voted for the bailout?

Just trying to bring home the bacon.

[Sodbuster]

20. I think his name is 'The Loser' if I'm not mistaken

[Overseas]

5. Domestic resorts are "slumming it" for the modern US executives.

They're probably proud of themselves for going to a US resort instead of a little jaunt to Monaco.

[Earth_First]

7. Anyone who is left surprised here must not be paying much attention...

NOTHING surprises me anymore. Nothing.

Remember? We allowed Congress to grant The Treasury unfettered, unchecked, access to whom and HOW this money was distributed.

[SpiralHawk]

8. A.I.G. does Republicon Family Values

Taking a Wide Stance on cushy imperial luxury for republicon crony fat cats.

[no_hypocrisy]

10. Subtract if from AIG's share of the bailout.

[acmavm]

11. I think AIG has had more than their share of our money than they deserve

already. They don't need anymore apparently since they have the bucks to travel and party in style.

Like George bush** once tried to say:

***MISSION ACCOMPLISHED***

[Tandalayo_Scheisskopf]

12. It is just about time.

Stocks. Pillories. Indictments. Public Humilation. Cellmates with the appelation "Firehose" who posess huge stashes of Celexa freebase. The Pear, from the days of Torquemada. Full gallery features on BME.

This has gone on far too long. It's time to get medieval.

[Buns_of_Fire]

31. Don't forget the tar. And feathers. Lots of feathers. n/t

[eowyn_of_rohan]

37. Bring in the stockades and put them on Wall Street

I'd take a trip to NYC for the chance to throw some rotten tomatoes

[LiberalFighter]

13. ABC also mentioned that Terry Bradshaw was suppose to be there for autograph signing.

Then it was canceled. It did not appear that Bradshaw initiated the cancellation. The fact that Bradshaw agreed to appear for the event doesn't say much for him.

[Patiod]

14. Are these AIG execs, or people they are trying to sell to?

The report I heard (ABC World News Tonight) implied that these people were free agents who sell a number of products, and can steer business AIG's way. The seminars were to encourage them to buy AIG products. If that's the case, sorry to be a contrarian, but I'm OK with that - it's a cost of sales, a cost of generating paying business.

But if it's actual AIG executive - AIG employees, then NO NO NO NO

[mbperrin]

16. Was in sales many years. Either the product is good and will make

money for the sales force, or it won't, and no amount of fish eggs or hootchy-koo will change that. This type of event, if it was for that, is just another reward for good ole boys who don't really want to work. If it's execs, take 'em out and shoot 'em. No sarcasm intended.

That's MY money they're spending, and I do NOT approve! I was against any of these bailouts to start, and still am.

I saw that soft bastard Ed Liddy on MSNBC today. Obvious he has never done a day's work in his life. Face looks like a baby's butt with teeth, all pink and soft. Send him to me out here in west Texas - I'll put a furrow in his brow and a tan on his back, and he won't need a re-sort for either one. When he's done. he'll be glad to be alive.

Makes me angry, can you tell?

[Patiod]

36. Hey listen, I'm a Vanguard girl myself - no frills

Vanguard has done amazingly well on what its founder describes as "Quaker principals" (he wasn't a Quaker, but says that their business philosophy did influence him). No cheating the customer, no unnecessary frills at headquarters, employees paid fairly but not extravagantly, good product at a good price.

We as tax-payers have every right to take AIG to the penalty box if it was another reward for AIG execs. A firing line works for me.

But if it's how they do day-to-day business, it's going to be a little more difficult for us to interfere, no matter how stupid we think it is.

What I want to know is why people would buy their products, knowing what percent of the cost is going to salaries and luxuries. That's why people buy Vanguard products -- low expense ratios - money goes to investments vs. overhead.

[depakid]

22. Regardless of the justification and what the audits find- this was just astonishingly bad PR

and was bound to provoke responses like anyone can see on this thread.

From that perseective, next time they might consider the Hilton or Ramada....

[ljm2002]

15. First of all, thanks to Josh Bernstein...

...and ABC News. It's time we had more of this type of reporting. Flush those cockroaches right out into the light of day.

Second, it is way, way past time to provide some of those "consequences" that the ruling class is always so fond of laying on the rest of us. My vote would be:

-- No more money to this bunch of corrupt crooks. Period.

-- Criminal charges for defrauding the U.S. Government.

-- Being put out in the public square in stocks. Yes they should have protection, we don't want anything too ghastly to happen. Rotten tomatoes, however, are definitely within bounds for the duration.

That's my vote, just for starters...

[aquart]

19. Yes, yes, and yes.

[aquart]

17. Behaving like criminals because they are.

Thieves.

[Haole Girl]

18. Nothing surprises me about AIG

They are thieves.

Stealing your tax dollars and mine.

[Hannah Bell]

21. Thank god it passed. Keeping those low-wage folks in the hospitality industry

employed.

[HughBeaumont]

23. Guillotines.

http://www.youtube.com/watch?v=dG_-rq1ON9Y

[Blue_in_Mass]

26. Anyone here thinks that these jerks will submit to scrutiny?

Anyone?

[TXDemGal]

28. Kudos to ABC/KNXV for committing actual journalism

Ya know, the geniuses at AIG should have known this would get out. The least they could have done was schedule this allegedly crucial gathering at a venue that didn't contain the word "Resort" in its name. Like maybe Motel 6 or the local Super 8.

[The Traveler]

29. Tar. Feathers.

Time to gather yer pitchforks and torches and run these ass clowns out of town on a rail. The American people are very near to the breaking point on this kind of stuff, and I really think we're gonna break bad. Not a good time to be an executive. "This is why," someone will explain in the near future, speaking of this kind of financial malfeasance on the part of executives, "Daddy went to jail."

[Popol Vuh]

30. Don't forget Obama's endorsment is on that check too

n/t

[OwnedByFerrets]

39. OMG...you will get banned for such comments.

[Dover]

34. Best use of bailout money after 8 years of Bush...massages & pedicures for EVERYONE!

Ahhhhhhhh.....I feel better now.

[OwnedByFerrets]

38. Everyone of us needs to be on the phones with our reps

Bitchin and whining about this shit. If we all call like we did when this bailout shit first hit the fan, we might be able to get some changes made. We cant just sit back and sigh and moan.